Form NPORT-P SPROTT FUNDS TRUST For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0001728683
          XXXXXXXX
        
      
      
      
      
        S000067147
        C000216003
        C000216004
      
      
      
    
  
  
    
      Sprott Funds Trust
      811-23382
      0001728683
      254900ESM83A3F9BO555
      200 Bay Street
      Suite 2600
      Toronto, Ontario
      CA
      M5J2J1
      760-444-5254
      Sprott Gold Equity Fund
      S000067147
      5493004WPFQGYKPKXS76
      2022-12-31
      2022-03-31
      N
    
    
      1189914172.990000000000
      42265685.450000000000
      1147648487.540000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      302230.480000000000
      
        
        
        
        
        
        
        
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        OSISKO DEVELOPMENT RIGHTS
        N/A
        
        N/A
        
          
        
        666700.000000000000
        NS
        
        .000000000000
        0.0000000000
        Long
        EC
        CORP
        CA
        N
        
        2
        
          N
          N
          N
        
      
      
        I-80 GOLD WARRANTS
        N/A
        
        N/A
        
          
        
        1330000.000000000000
        NS
        
        322778.870000000000
        0.0281252381
        N/A
        DE
        CORP
        CA
        
        N
        
        2
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                i-80 Gold Corp
                i-80 Gold Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            3.640000000000
            CAD
            2022-09-18
            XXXX
            322778.860000000000
          
        
        
          N
          N
          N
        
      
      
        Baru Gold Corp
        N/A
        
        06968L100
        
          
          
        
        13290993.000000000000
        NS
        
        797363.900000000000
        0.0694780596
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          
        
      
      
        Aclara Resources Inc
        N/A
        
        00461M103
        
          
          
        
        524620.680000000000
        NS
        
        306341.720000000000
        0.0266929921
        Long
        EC
        CORP
        CL
        
        N
        
        1
        
          N
          N
          
        
      
      
        Alamos Gold Inc
        549300TDOX73YGYXE959
        
        011532108
        
          
          
        
        3799600.000000000000
        NS
        USD
        31992632.000000000000
        2.7876682057
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Agnico Eagle Mines Ltd
        YGE0EUBRF7IJOB3QRX76
        
        008474108
        
          
          
        
        653186.000000000000
        NS
        
        39970186.780000000000
        3.4827900018
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Seabridge Gold Inc
        9845003FEO1A66376A92
        
        811916105
        
          
          
        
        900000.000000000000
        NS
        USD
        16650000.000000000000
        1.4507926583
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Invesco Treasury Portfolio
        5493004B3TM8ZIDDDC39
        
        825252406
        
          
          
        
        45251505.830000000000
        NS
        USD
        45251505.830000000000
        3.9429761222
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Osisko Gold Royalties Ltd
        549300TJZTXZMPQ6K004
        
        68827L101
        
          
          
        
        2554467.000000000000
        NS
        
        33694485.330000000000
        2.9359586751
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Endeavour Mining PLC
        529900NI5MXQ91GHXR07
        
        N/A
        
          
          
        
        1297499.600000000000
        NS
        
        32184507.940000000000
        2.8043872570
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          
        
      
      
        Contango ORE Inc
        N/A
        
        21077F100
        
          
          
        
        263200.000000000000
        NS
        USD
        6448400.000000000000
        0.5618793620
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bear Creek Mining Corp
        549300C9IY653M7KMK88
        
        07380N104
        
          
          
        
        4079000.000000000000
        NS
        
        3491205.060000000000
        0.3042050853
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sibanye Stillwater Ltd
        378900F238434B74D281
        
        82575P107
        
          
          
        
        2250000.000000000000
        NS
        USD
        36517500.000000000000
        3.1819411951
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          
        
      
      
        I-Pulse, Inc.
        N/A
        
        N/A
        
          
          
        
        74532.000000000000
        NS
        USD
        596256.000000000000
        0.0519545842
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Gatos Silver Inc
        N/A
        
        368036109
        
          
          
        
        906415.670579000000
        NS
        USD
        3915715.700000000000
        0.3411946901
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Gold Fields Ltd
        5299003KXIBJQYCBBD72
        
        38059T106
        
          
          
        
        2681000.000000000000
        NS
        USD
        41448260.000000000000
        3.6115814598
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          
        
      
      
        i-80 Gold Corp
        549300LFFIWIGUEXPK11
        
        44955L106
        
          
          
        
        15915264.000000000000
        NS
        
        43793551.300000000000
        3.8159377000
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          
        
      
      
        Falco Resources Ltd
        5299006U99RGRY0E9F15
        
        30606C108
        
          
          
        
        23722300.000000000000
        NS
        
        6356813.580000000000
        0.5538990073
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Gold Bullion International LLC
        N/A
        
        N/A
        
          
        
        5000000.000000000000
        NS
        USD
        6900000.000000000000
        0.6012293899
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Wheaton Precious Metals Corp
        549300XSFG5ZCGVYD886
        
        962879102
        
          
          
        
        386175.000000000000
        NS
        USD
        18374206.500000000000
        1.6010308644
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        International Tower Hill Mines
        529900QWPB33AJTGMU33
        
        46050R102
        
          
          
        
        6750222.000000000000
        NS
        USD
        6621292.760000000000
        0.5769443198
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinross Gold Corp
        549300UEBMAQDN0K0R06
        
        496902404
        
          
          
        
        5489967.000000000000
        NS
        USD
        32281005.960000000000
        2.8127955825
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Westgold Resources Ltd
        2549003AMX9BL7CKBQ74
        
        Q97159232
        
          
          
        
        4761905.000000000000
        NS
        
        6859429.440000000000
        0.5976942866
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        SilverCrest Metals Inc
        549300M4CUMXUHSXYQ10
        
        828363101
        
          
          
        
        4056600.000000000000
        NS
        
        36148081.430000000000
        3.1497520210
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MAG Silver Corp
        254900LGL904N7F3EL14
        
        55903Q104
        
          
          
        
        1742835.000000000000
        NS
        USD
        28181641.950000000000
        2.4555987531
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          
        
      
      
        Maverix Metals Inc
        549300CPYYBEBU8HQN80
        
        57776F405
        
          
          
        
        1615000.000000000000
        NS
        USD
        7752000.000000000000
        0.6754681494
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Gold Bullion
        N/A
        
        N/A
        
          
        
        66161.800000000000
        NS
        USD
        128184517.790000000000
        11.1693187576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NULEGWRTS
        N/A
        
        N/A
        
          
        
        4648198.000000000000
        NS
        
        .000000000000
        0.0000000000
        N/A
        DE
        CORP
        CA
        
        Y
        
        2
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                NuLegacy Gold Corp
                NuLegacy Gold Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            0.120000000000
            CAD
            2022-10-08
            XXXX
            -.040000000000
          
        
        
          N
          N
          N
        
      
      
        Tocqueville Bullion Reserve LP - Class G
        N/A
        
        N/A
        
          
        
        7619.443200000000
        NS
        USD
        13852863.970000000000
        1.2070650657
        Long
        EC
        RF
        US
        N
        
        N/A
        
          N
          N
          N
        
      
      
        Mount Vernon Liquid Assets Portfolio, LLC
        N/A
        
        N/A
        
          
        
        40589984.950000000000
        NS
        USD
        40589984.950000000000
        3.5367959258
        Long
        STIV
        PF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Gold Fields Ltd
        5299003KXIBJQYCBBD72
        
        S31755101
        
          
          
        
        200000.000000000000
        NS
        
        3121300.260000000000
        0.2719735436
        Long
        EC
        CORP
        ZA
        N
        
        1
        
          N
          N
          N
        
      
      
        New Gold Inc
        5493005G0GNCHP0H6L96
        
        644535106
        
          
          
        
        14633100.000000000000
        NS
        USD
        26339580.000000000000
        2.2950912484
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        FALCO RESOURCES LTD - PP (12/19/21)
        N/A
        
        N/A
        
          
        
        3750000.000000000000
        NS
        
        158380.990000000000
        0.0138004791
        N/A
        DE
        CORP
        CA
        Y
        
        2
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                Falco Resources Ltd
                Falco Resources Ltd
                
                  
                  
                  
                
              
            
            1.000000000000
            0.550000000000
            CAD
            2025-07-31
            XXXX
            158380.960000000000
          
        
        
          N
          N
          N
        
      
      
        OSISKO DEVELOPMENT CORP SUBSCRIPTN RCPT
        N/A
        
        N/A
        
          
        
        1500000.000000000000
        NS
        
        5027396.710000000000
        0.4380606749
        Long
        EC
        CORP
        CA
        N
        
        2
        
          N
          N
          N
        
      
      
        Newmont Corp
        549300VSP3RIX7FGDZ51
        
        651639106
        
          
          
        
        511990.000000000000
        NS
        USD
        40677605.500000000000
        3.5444307156
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newcrest Mining Ltd
        5299006MN50OZJUJI655
        
        Q6651B114
        
          
          
        
        545065.000000000000
        NS
        
        10906520.770000000000
        0.9503363520
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        IVANHOE ELECTRIC PVT
        N/A
        
        N/A
        
          
        
        20987.999976000000
        NS
        USD
        15741.000000000000
        0.0013715872
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        OSISKO DEV WARRANTS
        N/A
        
        N/A
        
          
        
        1500000.000000000000
        NS
        
        1028876.530000000000
        0.0896508418
        N/A
        DE
        CORP
        CA
        N
        
        2
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                Osisko Development Corp
                Osisko Development Corp
                
                  
                  
                  
                
              
            
            1.000000000000
            7.600000000000
            CAD
            2027-03-02
            XXXX
            1028876.510000000000
          
        
        
          N
          N
          N
        
      
      
        ELECTRUM LTD
        N/A
        
        N/A
        
          
        
        2127287.000000000000
        NS
        USD
        42545.740000000000
        0.0037072100
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Perseus Mining Ltd
        54930054ZDGKBCW3SM26
        
        Q74174105
        
          
          
        
        19500000.000000000000
        NS
        
        28600077.820000000000
        2.4920590347
        Long
        EC
        CORP
        AU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Novagold Resources Inc
        529900587LVZTJ2BHS60
        
        66987E206
        
          
          
        
        2030800.000000000000
        NS
        USD
        15698084.000000000000
        1.3678477487
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Star Resources Ltd
        254900XFXCRYYZAX6M78
        
        Q6951U101
        
          
          
        
        2714500.000000000000
        NS
        
        21815775.690000000000
        1.9009109433
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        Pan American Silver Corp
        549300MKTF5851TYIB83
        
        697900108
        
          
          
        
        788445.000000000000
        NS
        USD
        21524548.500000000000
        1.8755349511
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        INTERNATIONAL TOWER
        N/A
        
        N/A
        
          
        
        18664631.000000000000
        NS
        
        18662391.510000000000
        1.6261417771
        Long
        EC
        CORP
        CA
        
        Y
        
        1
        
          N
          N
          N
        
      
      
        Gold Standard Ventures Corp
        549300HW4846RNAG1764
        
        380738104
        
          
          
        
        3000000.000000000000
        NS
        
        1367835.860000000000
        0.1191859594
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          
        
      
      
        Wesdome Gold Mines Ltd
        529900DCBALMLHZPLR10
        
        95083R100
        
          
          
        
        3115200.000000000000
        NS
        
        39097298.720000000000
        3.4067311676
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Nickel Creek Platinum Ltd.  Expiration: 08/08/2022
        N/A
        
        N/A
        
          
        
        6189601.000000000000
        NS
        
        .000000000000
        0.0000000000
        N/A
        DE
        CORP
        CA
        Y
        
        2
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                Nickel Creek Platinum Corp.
                Nickel Creek Platinum Corp.
                
                  
                
              
            
            1.000000000000
            0.350000000000
            CAD
            2023-08-07
            XXXX
            -.060000000000
          
        
        
          N
          N
          N
        
      
      
        MAG SILVER CORP
        N/A
        
        N/A
        
          
        
        1432665.000000000000
        NS
        
        23194928.290000000000
        2.0210829833
        Long
        EC
        CORP
        CA
        
        Y
        
        1
        
          N
          N
          N
        
      
      
        OceanaGold Corp
        549300CBMSE8I9N3E232
        
        675222103
        
          
          
        
        5500000.000000000000
        NS
        
        12186537.620000000000
        1.0618702288
        Long
        EC
        CORP
        AU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Evolution Mining Ltd
        254900BCFW5QO5LW8F27
        
        Q3647R147
        
          
          
        
        3000000.000000000000
        NS
        
        9877577.900000000000
        0.8606797297
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        Silver Opportunity Partners Corp
        N/A
        
        N/A
        
          
        
        243690.329421000000
        NS
        USD
        1413403.910000000000
        0.1231565175
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        NICKEL CREEK PLATINUM WTS C$0.08 EXP 07/01/2024
        N/A
        
        N/A
        
          
        
        1658293.000000000000
        NS
        
        46824.580000000000
        0.0040800455
        N/A
        DE
        CORP
        CA
        Y
        
        2
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                Nickel Creek Platinum Corp.
                Nickel Creek Platinum Corp.
                
                  
                
              
            
            1.000000000000
            0.080000000000
            CAD
            2024-07-01
            XXXX
            46824.560000000000
          
        
        
          N
          N
          N
        
      
      
        West African Resources Ltd
        529900XLO8GMJNTUL013
        
        Q9594D106
        
          
          
        
        24900000.000000000000
        NS
        
        23290879.700000000000
        2.0294436801
        Long
        EC
        CORP
        AU
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NuLegacy Gold Corp
        549300594IDCPZREUE70
        
        67053L108
        
          
          
        
        37852485.000000000000
        NS
        
        1665309.500000000000
        0.1451062340
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        International Tower Hill Mines
        529900QWPB33AJTGMU33
        
        46050R102
        
          
          
        
        1369738.000000000000
        NS
        
        1369573.650000000000
        0.1193373812
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Torex Gold Resources Inc
        549300QL07027186GQ85
        
        891054603
        
          
          
        
        2433900.000000000000
        NS
        
        30566116.070000000000
        2.6633691764
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        OSISKO WARRANTS
        N/A
        
        N/A
        
          
        
        932500.000000000000
        NS
        
        23123.230000000000
        0.0020148356
        N/A
        DE
        CORP
        CA
        N
        
        2
        
          
            
              Unknown
              N/A
            
            Call
            Purchased
            
              
                Osisko Mining Inc
                Osisko Mining Inc
                
                  
                  
                  
                
              
            
            1.000000000000
            5.250000000000
            CAD
            2022-06-23
            XXXX
            23123.220000000000
          
        
        
          N
          N
          N
        
      
      
        Osisko Mining Inc
        254900SJU6CW31RVHW15
        
        688281104
        
          
          
        
        15384239.000000000000
        NS
        
        49100598.820000000000
        4.2783656628
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Strategic Metals Ltd
        N/A
        
        862759107
        
          
          
        
        9886500.000000000000
        NS
        
        3202841.660000000000
        0.2790786286
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Trifecta Gold Ltd
        254900R0OQYXKC78JZ14
        
        89615V101
        
          
          
        
        2325199.000000000000
        NS
        
        120895.840000000000
        0.0105342220
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        SSR Mining Inc
        549300JD2KR7AB9DYJ38
        
        784730103
        
          
          
        
        1097300.000000000000
        NS
        
        23856828.380000000000
        2.0787574452
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Bellevue Gold Ltd
        N/A
        
        Q1422R118
        
          
          
        
        10523000.000000000000
        NS
        
        7559400.160000000000
        0.6586860212
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        NICKEL CREEK PLATINUM CORP
        N/A
        
        949504104
        
          
          
        
        14037494.000000000000
        NS
        
        1179008.020000000000
        0.1027325033
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Maverix Metals Inc
        549300CPYYBEBU8HQN80
        
        57776F405
        
          
          
        
        3087500.000000000000
        NS
        
        14793524.780000000000
        1.2890292577
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Equinox Gold Corp
        5493005IN4V1SNP9PN75
        
        29446Y502
        
          
          
        
        3355595.000000000000
        NS
        
        27700468.260000000000
        2.4136718308
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Victoria Gold Corp
        549300VUIN6RQ5764L78
        
        92625W507
        
          
          
        
        2264600.000000000000
        NS
        
        28802255.730000000000
        2.5096757450
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          
        
      
      
        Jaguar Mining Inc
        549300IRKN0GXIRGS617
        
        47009M889
        
          
          
        
        5736558.900000000000
        NS
        
        18997203.410000000000
        1.6553155096
        Long
        EC
        CORP
        CA
        
        Y
        
        1
        
          N
          N
          N
        
      
      
        Osisko Development Corp
        N/A
        
        68828E106
        
          
          
        
        1333400.000000000000
        NS
        
        4469020.520000000000
        0.3894067363
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          
        
      
    
    
      2022-05-26
      Sprott Funds Trust
      /s/ Thomas W. Ulrich
      Thomas W. Ulrich
      General Counsel
    
  
  XXXX

2) Transactions with Affiliates*

The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from January 1, 2022 through March 31, 2022. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issues are:

 

		January 1, 2022								Additions								Reductions								March 31, 2022								Interest				Dividend				Realized				Change in Gross Unrealized				March 31, 2022
Issuer Name		Share Balance				Cost				Share Balance				Cost				Share Balance				Cost				Share Balance				Income				Income				Income				Gain/(Loss)				Appreciation/ (Depreciation)				Value				Cost
Sprott Gold Equity Fund
Baru Gold Corp.			13,290,993			$	22,795,998				—			$	—				—			$	—				13,290,993			$	—			$	—			$	—			$	—			$	(253,349	)		$	797,364			$	22,795,998
Baru Gold Corp. Warrant			3,321,250				—				—				—				(3,321,250	)			—				—				—				—				—				—				—				—				—
Corvus Gold Inc. (a)			3,226,901				2,212,904				—				—				(3,226,901	)			(2,212,904	)			—				—				—				—				8,359,491				(8,016,373	)			—				—
Corvus Gold Inc. (a)			1,739,130				1,561,600				—				—				(1,739,130	)			(1,561,600	)			—				—				—				—				4,136,365				(4,047,832	)			—				—
Corvus Gold Inc. (a)			6,954,100				8,503,013				—				—				(6,954,100	)			(8,503,013	)			—				—				—				—				14,280,917				(13,926,907	)			—				—
Corvus Gold Inc. (a)			9,500,000				7,163,141				—				—				(9,500,000	)			(7,163,141	)			—				—				—				—				23,961,999				(23,478,386	)			—				—
Falco Resources Ltd.			23,722,300				14,359,879				—				—				—				—				23,722,300				—				—				—				—				918,285				6,356,814				14,359,879
Falco Resources Ltd. Warrant			3,750,000				—				—				—				—				—				3,750,000				—				—				—				—				52,250				158,381				—
Gold Bullion International LLC			5,000,000				5,000,000				—				—				—				—				5,000,000				—				—				—				—				—				6,900,000				5,000,000
I-80 Gold Corp.			12,915,264				24,346,322				3,000,000				6,307,680				—				—				15,915,264				—				—				—				—				5,936,667				43,793,551				30,654,002
I-80 Gold Corp.			3,000,000				6,307,680				—				—				(3,000,000	)			(6,307,680	)			—				—				—				—				—				(942,409	)			—				—
I-80 Gold Corp. Warrant			1,330,000				—				—				—				—				—				1,330,000				—				—				—				—				76,535				322,779				—
International Tower Hill Mines Ltd.			18,664,631				35,619,856				—				—				—				—				18,664,631				—				—				—				—				5,087,578				18,662,391				35,619,856
International Tower Hill Mines Ltd.			6,750,222				22,383,358				—				—				—				—				6,750,222				—				—				—				—				1,661,905				6,621,293				22,383,358
International Tower Hill Mines Ltd.			1,666,667				8,833,502				—				—				(296,929	)			(1,573,754	)			1,369,738				—				—				—				(1,258,002	)			1,731,158				1,369,574				7,259,748
Jaguar Mining Inc.			5,746,159				3,644,952				—				—				(9,600	)			(6,090	)			5,736,559				—				—				155,185				36,228				(575,303	)			18,997,203				3,638,862
MAG Silver Corp.			1,432,665				15,000,003				—				—				—				—				1,432,665				—				—				—				—				735,743				23,194,928				15,000,003
MAG Silver Corp.			1,686,595				20,382,833				94,540				1,457,892				(38,300	)			(432,852	)			1,742,835				—				—				—				304,945				727,658				28,181,642				21,407,873
Nickel Creek Platinum Corp.			14,037,494				2,596,104				—				—				—				—				14,037,494				—				—				—				—				402,199				1,179,008				2,596,104
Nickel Creek Platinum Ltd. Warrant			6,189,601				—				—				—				—				—				6,189,601				—				—				—				—				—				—				—
Nickel Creek Platinum Ltd. Warrant			1,658,293				—				—				—				—				—				1,658,293				—				—				—				—				23,227				46,824				—
Nulegacy Gold Corp.			37,852,485				6,682,142				—				—				—				—				37,852,485				—				—				—				—				767,587				1,665,309				6,682,142
NuLegacy Gold Corp. Warrant			4,648,198				—				—				—				—				—				4,648,198				—				—				—				—				—				—				—
Osisko Mining Inc.			15,384,239				45,113,236				—				—				—				—				15,384,239				—				—				—				—				2,763,629				49,100,599				45,113,236
Osisko Mining, Inc. Warrant			932,500				—				—				—				—				—				932,500				—				—				—				—				(48,027	)			23,123				—
Silvercrest Metals Inc.			4,056,600				23,986,557				—				—				—				—				4,056,600				—				—				—				—				4,078,830				36,148,081				23,986,557
Strategic Metals Ltd.			9,886,500				14,175,946				—				—				—				—				9,886,500				—				—				—				—				467,338				3,202,842				14,175,946
Tocqueville Bullion Reserve LP - Class G (b)			7,619				13,795,735				—				—				—				—				7,619				—				—				—				—				866,256				13,852,864				13,795,735
Victoria Gold Corp.			—				—				2,264,600				27,298,618				—				—				2,264,600				—				—				—				142,141				1,503,637				28,802,256				27,298,618
West African Resources Ltd			24,900,000				4,486,034				—				—				—				—				24,900,000				—				—				—				—				(622,164	)			23,290,880				4,486,034
						$	308,950,795							$	35,064,190							$	(27,761,034	)						$	—			$	—			$	155,185			$	49,964,084			$	(24,110,268	)		$	312,667,706			$	316,253,951

 

*	All affiliates listed are neither majority-owned subsidiaries or other controlled companies.

(a)	Security is no longer an affiliated company at March 31, 2022.

(b)	Tocqueville Bullion Reserve (“TBR”) is a Delaware Limited Partnership created for the purpose of owning physical gold. John Hathaway is an independent Director of the TBR Cayman entities [and is a TBR limited partner].

Sprott Gold Equity Fund

Schedule of Investments as of March 31, 2022 (Unaudited)

 

		Shares				Value
Common Stocks - 83.46%
Gold Related Securities - 74.24%
Australia - 9.49%
Bellevue Gold Ltd. (a)			10,523,000			$	7,559,400
Evolution Mining Ltd.			3,000,000				9,877,578
Newcrest Mining Ltd.			545,065				10,906,521
Northern Star Resources Ltd.			2,714,500				21,815,775
Perseus Mining Ltd.			19,500,000				28,600,078
West African Resources Ltd. (a)(b)			24,900,000				23,290,880
Westgold Resources Ltd.			4,761,905				6,859,429
							108,909,661
Canada - 54.11%
Agnico Eagle Mines Ltd.			653,186				39,970,187
Alamos Gold, Inc. - Class A			3,799,600				31,992,632
Baru Gold Corp. (a)(b)(c)			13,290,993				797,364
Equinox Gold Corp. (a)			3,355,595				27,700,468
Falco Resources Ltd. (a)(b)			23,722,300				6,356,814
Gold Standard Ventures Corp. (a)(c)			3,000,000				1,367,836
I-80 Gold Corp. (a)(b)(c)			15,915,264				43,793,551
International Tower Hill Mines Ltd. (a)(b)			6,750,222				6,621,293
International Tower Hill Mines Ltd. (a)(b)(d)			1,369,738				1,369,574
International Tower Hill Mines Ltd. (a)(b)(d)(e)			18,664,631				18,662,391
Jaguar Mining, Inc. (b)(e)			5,736,559				18,997,203
Kinross Gold Corp.			5,489,967				32,281,006
Maverix Metals, Inc.			1,615,000				7,752,000
Maverix Metals, Inc. (d)			3,087,500				14,793,525
New Gold, Inc. (a)			14,633,100				26,339,580
Novagold Resources, Inc. (a)			2,030,800				15,698,084
NuLegacy Gold Corp. (a)(b)			37,852,485				1,665,309
OceanaGold Corp. (a)			6,500,000				14,402,272
Osisko Development Corp. (a)(c)			1,333,400				4,469,021
Osisko Development Corp. (a)(d)			1,500,000				5,027,397
Osisko Gold Royalties Ltd.			2,532,067				33,399,020
Osisko Mining, Inc. (a)(b)			15,384,239				49,100,599
Pan American Silver Corp.			788,445				21,524,548
Seabridge Gold, Inc. (a)			900,000				16,650,000
Silvercrest Metals, Inc. (a)(b)			4,056,600				36,148,081
SSR Mining, Inc.			1,097,300				23,856,828
Strategic Metals Ltd. (a)(b)			9,886,500				3,202,842
Torex Gold Resources, Inc. (a)			2,433,900				30,566,116
Trifecta Gold Ltd. (a)			2,325,199				120,896
Victoria Gold Corp. (a)(b)(c)			2,264,600				28,802,256
Wesdome Gold Mines Ltd. (a)			3,115,200				39,097,299
Wheaton Precious Metals Corp.			386,175				18,374,206
							620,900,198
South Africa - 3.72%
Gold Fields Ltd. - ADR (c)			2,561,143				39,595,271
Gold Fields Ltd. (d)			200,000				3,121,300
							42,716,571

---

United Kingdom - 2.81%
Endeavour Mining PLC (c)			1,297,500				32,184,508
United States - 4.11%
Contango ORE, Inc. (a)			263,200				6,448,400
Electrum Ltd. (a)(f) (Originally acquired 12/21/07, Cost $13,065,361)			2,127,287				42,546
Newmont Corp.			511,990				40,677,605
							47,168,551
Total Gold Related Securities							851,879,489
Other Precious Metals Related Securities - 8.54%
Canada - 4.89%
Bear Creek Mining Corp. (a)			4,079,000				3,491,205
MAG Silver Corp. (a)(b)(c)			1,742,835				28,181,642
MAG Silver Corp. (a)(b)(d)(e)			1,432,665				23,194,928
Nickel Creek Platinum Corp. (a)(b)			14,037,494				1,179,008
							56,046,783
South Africa - 3.18%
Sibanye Stillwater Ltd. - ADR (c)			2,250,000				36,517,500
United States - 0.47%
Gatos Silver, Inc. (a)(c)			906,416				3,915,716
Silver Opportunity Partners Corp. (a)(f) (Originally acquired 03/15/11, Cost $4,525,333)			243,690				1,413,404
							5,329,120
Total Other Precious Metals Related Securities							97,893,403
Other Securities - 0.68%
United States - 0.68%
Aclara Resources, Inc. (a)(c)			524,621				306,342
Gold Bullion International LLC (a)(b)(f) (Originally acquired 05/12/10, Cost $5,000,000)			5,000,000				6,900,000
I-Pulse, Inc. (a)(f) (Originally acquired 10/09/07, Cost $126,097)			74,532				596,256
Ivanhoe Electric, Inc. (a)(f) (Originally acquired 10/09/07, Cost $49,427)			20,988				15,741
Total Other Securities							7,818,339
Total Common Stocks (Cost $859,922,216)							957,591,231
Private Fund - 1.21%
Gold Related Security - 1.21%
Tocqueville Bullion Reserve LP - Class G (a)(b) (Originally acquired 11/28/11, Cost $13,795,735)			7,619				13,852,864
Total Private Fund (Cost $13,795,735)							13,852,864
Gold Bullion - 11.17%
United States - 11.17%
Gold Bullion (a)			66,162				128,184,518
Total Gold Bullion (Cost $27,386,733)							128,184,518
Warrants - 0.14%
Gold Related Securities - 0.14%
Canada - 0.13%
Falco Resources Ltd.
Expiration: 07/31/2025, Exercise Price: CAD $0.55 (a)(b)(d)(e)(f) (Originally acquired 09/07/21, Cost $0)			3,750,000				158,381
I-80 Gold Corp.
Expiration: 09/18/2022, Exercise Price: CAD $3.64 (a)(b)(d)(f) (Originally acquired 03/02/21, Cost $0)			1,330,000				322,779
NuLegacy Gold Corp.
Expiration: 10/08/2022, Exercise Price: CAD $0.12 (a)(b)(e)(f) (Originally acquired 10/07/19, Cost $0)			4,648,198				—

---

Osisko Development Corp.
Expiration: 03/02/2027, Exercise Price: CAD $7.60 (a)(d)(f)			1,500,000				1,028,877
Osisko Mining, Inc.
Expiration: 06/23/2022, Exercise Price: CAD $5.25 (a)(b)(f) (Originally acquired 06/17/20, Cost $0)			932,500				23,123
Total Gold Related Securities							1,533,160
Other Precious Metals Related Securities - 0.01%
Canada - 0.01%
Nickel Creek Platinum Ltd.
Expiration: 08/08/2022, Exercise Price: CAD $0.35 (a)(b)(e)(f) (Originally acquired 08/04/17, Cost $0)			6,189,601				—
Nickel Creek Platinum Ltd.
Expiration: 07/01/2024, Exercise Price: CAD $0.08 (a)(b)(e)(f) (Originally acquired 07/01/19 Cost $0)			1,658,293				46,824
Total Other Precious Metals Related Securities							46,824
Total Warrants (Cost $0)							1,579,984
Right - 0.00%
Gold Related Securities - 0.00%
Osisko Development Corp.
Expiration: 05/25/2022, Exercise Price: CAD $10.00 (a)(d)(f) (Originally acquired 10/28/20, Cost $0)			666,700				—
Total Right (Cost $0)							—
Short-Term Investments - 7.48
Money Market Fund - 3.94%
Invesco Treasury Portfolio
Institutional Class, 0.010% (g)			45,252,273				45,252,273
Investments Purchased with Proceeds from Securities Lending - 3.54%
Mount Vernon Liquid Assets, 0.10%			40,589,985				40,589,985
Total Short-Term Investments (Cost $85,842,258)							85,842,258
Total Investments (Cost $986,946,942) - 103.46%							1,187,050,855
Liabilities in Excess of Other Assets - (3.46)%							(39,630,075	)
Total Net Assets - 100.0%						$	1,147,420,780

ADR American Depository Receipt

 

(a)	Non-income producing security.

(b)	Affiliated company. See Footnote 2.

(c)

This security or a partial position of this security is on loan at March 31, 2022. The total market value of securities on loan at March 31, 2022 was $38,216,302. The loaned securities were secured with cash collateral of $40,589,985. The cash collateral received consist of common stocks and is held for the benefit of the Fund at the Fund’s custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices.

(d)	Denotes an issue that is traded on a foreign exchange when a company is listed more than once.

(e)	Denotes a security that is either fully or partially restricted to resale. The value of restricted securities as of March 31, 2022 was $61,059,727, which represented 8.65% of net assets.

(f)	Security is fair valued using procedures approved by the Board of Trustees which includes significant unobservable inputs and is deemed a Level 2 or 3 security. See Footnote 2. The aggregate value of fair valued securities as of March 31, 2022 was $10,547,931, which represented 0.92% of net assets.

(g)	Variable rate security. Rate listed is the 7-day effective yield as of March 31, 2022.

 

The	Accompanying Footnotes are an Integral Part of these Financial Statements.

1) Fair Valuation Measurements

The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.

 

•

Level 1 - Quoted prices in active markets for identical securities.

 

•

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

•

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

When using the market quotations or closing price provided by the pricing service for equity investments, including common stocks, preferred stocks, foreign issued common stocks, exchange-traded funds, closed end mutual funds and real estate investment trusts, which are traded on an exchange are valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation and when the market is considered active, the security will be classified as a Level 1 security. When using the mean between the latest bid and ask price, the security will be classified as Level 2. Gold bullion is valued at the mean of the closing bid and ask prices from the New York Mercantile Exchange and is classified as a Level 1.

Investment in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the fund and will be classified as Level 1 securities.

Debt securities, such as corporate bonds, convertible bonds, commercial paper, money market deposit accounts and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations and are classified as Level 2. Warrants and rights for which the underlying security is registered and equities which are subject to a required holding period, but have a comparable public issue, are valued in good faith by the adviser pursuant to procedures established under the general supervision and responsibility of the Fund’s Board of Trustees. These securities will generally be classified as Level 2 securities. If the warrant or right is exchange traded and the official closing price of the exchange is used, these instruments are classified as Level 1 securities. Options can diverge from the prices of their underlying instruments. These are valued at the composite last price reported by the exchange on which the options are primarily traded on the day of the valuation and are classified as Level 1. If there is no composite last price on a given day the mean between the latest bid and ask price will be used. These contracts are classified as Level 2.

Any securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser pursuant to procedures established under the general supervision and responsibility of the Fund’s Board of Trustees and will be classified as Level 3 securities. In determining fair value, a Fund will seek to assign a value to the security which it believes represents the amount that the Fund could reasonably expect to receive upon its current sale. With respect to securities that are actively traded on U.S. exchanges, the Fund expects that market quotations will generally be available and that fair value might be used only in limited circumstances, such as when trading for a security is halted during the trading day.

For securities traded principally on foreign exchanges, the Fund may use fair value pricing if an event occurs after the close of trading of the principal foreign exchange on which a security is traded, but before calculation of a Fund’s NAV, which a Fund believes affects the value of the security since its last market quotation. Such events may involve situations relating to a single issuer (such as news related to the issuer announced after the close of the principal foreign exchange), or situations relating to sectors of the market or the markets in general (such as significant fluctuations in the U.S. or foreign markets or significant changes in exchange rates, natural disasters, armed conflicts, or governmental actions).

In determining whether a significant event has occurred with respect to securities traded principally in foreign markets, the Fund may engage a third party fair value service provider to systematically recommend the adjustment of closing market prices of non-U.S. securities based upon changes in a designated U.S. securities market index occurring from the time of close of the relevant foreign market and the close of the NYSE. Fair value pricing may also be used to value restricted securities held by the Fund or securities with little or no trading activity for extended periods of time. Fair value pricing involves judgments that are inherently subjective and inexact and it is not possible to determine with certainty when, and to what extent, an event will affect a market price. As a result, there can be no assurance that fair value pricing will reflect actual market value and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

---

The following is a summary of the inputs used to value the Fund’s investments at March 31, 2022.

 

Investments in Securities at Value
Sprott Gold Equity Fund*		Level 1				Level 2				Level 3				Total
Assets
Common Stocks
Gold Related		$	846,809,546			$	5,027,397			$	42,546			$	851,879,489
Other Precious Metals Related			96,479,999				—				1,413,404				97,893,403
Other			306,342				—				7,511,997				7,818,339
Total Common Stocks			943,595,887				5,027,397				8,967,947				957,591,231
Private Fund ^			—				—				—				13,852,864
Gold Bullion			128,184,518				—				—				128,184,518
Warrants			—				1,579,984				—				1,579,984
Right			—				—				—				—
Short-Term Investments			85,842,258				—				—				85,842,258
Total Assets		$	1,157,622,663			$	6,607,381			$	8,967,947			$	1,187,050,855

 

*	For a detailed sector breakdown, please see the accompanying Schedules of Investments.

**

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the Schedule of Investments.

^

As of March 31, 2022, the Fund invests in a private fund that primarily invests in physical gold and is subject to redemption restrictions. This private fund investment can only be disposed of with notice given 24 hours in advance of redemption. Due to the elapsed time, the investment of the Fund is not subject to any redemption fees going forward.

Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period:

 

		Sprott Gold Equity Fund
Beginning Balance - December 31, 2021		$	8,967,947
Purchases			—
Sales			—
Realized gains			—
Realized losses			—
Change in unrealized appreciation			—
Transfers in/(out) of Level 3			—
Ending Balance - March 31, 2022		$	8,967,947

As of March 31, 2022 the change in unrealized appreciation on positions still held for securities that were considered Level 3 was $0.

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